US widens Russia sanctions in banking crackdown

The United States has recently expanded its sanctions on Russia, with a particular focus on banks that engage with entities that have been sanctioned. This move follows a previous program that was initiated in December, which aimed to target foreign banks that were perceived to be supporting Russia's war efforts in Ukraine. The US has also imposed sanctions on the Moscow stock exchange, leading to the suspension of trading in dollars and euros. Furthermore, there are efforts to restrict Russia's access to technology, including chips and software. In December, US President Joe Biden signed an executive order that placed sanctions on banks dealing with approximately 1,200 individuals and companies that were believed to be aiding Russia's war efforts. These measures have now been expanded to cover about 4,500 entities. The US is also focusing on gold-laundering and plans to impose sanctions on parts of Russia's financial system, including the Moscow Exchange, one of Russia's main stock exchanges. The sanctions are intended to make it more challenging for companies to supply technology to Russia, and the US will also target shell firms in Hong Kong that are selling chips to Russia. Despite the sanctions, the International Monetary Fund predicts that Russia will still experience economic growth of 3. 2% this year. However, analysts believe that over time, the measures will make it more difficult for Moscow to continue its war efforts and weaken Russia's economy.